I started e-banking with UBS in Switzerland around 10 years ago (it's were I live) and they provided me with a card, and a little card reader with a key pad. To log in, I have to enter and 8 digit account code (not my account number though - something random but consistent). It then gives me a random code. I type my secret pin number into the card reader and enter the given code. It gives me back a response with number and letter characters (all capitol letters) that I enter into the web page to complete the log-in.
This seems quite secure as someone would have to have my card and pin number to access my account, which is the same level of security I have when I access my ATM machine. This was my first experience with e- banking. Imagine my disappointment when I tried to open other bank or trading accounts and found out they just used normal passwords.
Now, I only use e-banking with UBS, even though their fees ares somewhat higher - I consider the security well worth it. I guess the cost of the device and administration must be less than 35USD per year, which they easily make up for in fees. My question is, why aren't the other banks doing this as well. I would totally pay for it.
This seems quite secure as someone would have to have my card and pin number to access my account, which is the same level of security I have when I access my ATM machine. This was my first experience with e- banking. Imagine my disappointment when I tried to open other bank or trading accounts and found out they just used normal passwords.
Now, I only use e-banking with UBS, even though their fees ares somewhat higher - I consider the security well worth it. I guess the cost of the device and administration must be less than 35USD per year, which they easily make up for in fees. My question is, why aren't the other banks doing this as well. I would totally pay for it.